The S&P 500 closed at an all-time high on Wednesday, adding 51.23 points to finish at 7,799.73, a gain of 0.66 percent. The Nasdaq Composite rose 0.81 percent to 26,803.51, while the Dow Jones Industrial Average edged up 0.13 percent to 53,833.87. The benchmark is now up roughly 14 percent for the year, with the Nasdaq ahead by about 15 percent.
Tech leads the advance
Memory-chip makers SanDisk and Micron Technology posted sharp gains, joined by Broadcom and Meta Platforms. The move coincided with a string of upbeat forecasts from Microsoft and Amazon that have dulled investor anxiety over the scale of capital flowing into AI data centers.
The AI earnings narrative
"The AI earnings-driven tech boom continues," said Jay Hatfield, chief executive of Infrastructure Capital Advisors in New York. "It's an earnings boom, not a bubble." The comment frames the rally as fundamental rather than speculative, a distinction that has gained traction as megacap results validate the spending cycle.
Oil slips, Netflix rises on Ackman stake
Brent crude futures fell about 2 percent to settle at $87.07 a barrel. Netflix shares advanced after Pershing Square disclosed a new position in the streamer, marking Bill Ackman's most significant portfolio reshuffle in years.
Tapestry sinks on weak outlook
Tapestry, the parent of Coach, tumbled after projecting muted annual revenue growth. Dell Technologies and HP both rose after Lenovo's quarterly results exceeded expectations, lifting sentiment across the PC supply chain.